WESTCHESTER, NY (May 26, 2005) Reckson Associates Realty Corp. (NYSE: RA) continued its strong leasing performance in the Westchester and Fairfield marketplace during the first quarter of 2005 with over 195,000 square feet of transactions. Reckson Associates' leasing performance throughout its Westchester, Long Island, New York City, Connecticut and New Jersey markets is a clear validation of its market leadership position as the Landlord of Choice in the New York metropolitan region.

In the Central Westchester market, Reckson leasing highlights included a 32,371-square-foot lease signed by Ginsberg Development at 100 Summit Lake Drive and a 7,225-square-foot renewal signed by Globalserve Computer Services at 200 Summit Lake Drive, both in the Reckson Summit office complex in Valhalla. Also in Valhalla, Cappelli Enterprises signed a 10,718-square-foot renewal at 115 Stevens Avenue within the Mount Pleasant Corporate Center.

The Tarrytown Corporate Center has seen strong leasing throughout its eight office buildings including a 12,052-square-foot renewal with Stinnes Corporation at 120 White Plains Road and a 10,079-square-foot renewal with Datacap Inc. at 660 White Plains Road. Additional leases and renewals in the office park were signed with Sourcecode, Inc.; HTF Components; Wells Fargo; Elliott Leadership Institute; Wenig-Lamonica Realty; Synchrony Systems; M.J. Comas Co., Inc.; Nova Petroleum Specialities; and Ford Motor Credit Company.

Within the White Plains Central District, the New York State Court signed a lease for 2,600 square feet at 140 Grand Street in White Plains, New York.

In Stamford, Connecticut, leasing activity was strong in Reckson's Landmark Square office complex and included a 53,382-square-foot renewal with McKinsey & Company at Three Landmark Square and a 11,500-square-foot lease with JMW Consultants Inc. at One Landmark Square. Additional leases and renewals within Landmark were signed with Curran Partners, Inc., Lee Hecht Harrison LLC, Bank Street Group LLC, Environics Communications, Altair Capital Associates, Staffing Resources and J. Lauritzen, USA, Inc. Located near I-95 and Merritt Parkway, Landmark Square Office Complex is in the heart of downtown Stamford and within walking distance of all downtown restaurants and hotels. The six-building, 800,600-square-foot complex offers impressive tenant amenities including tenant shuttle service to Metro North, concierge, new gourmet cafe with indoor and outdoor dining and full-service health club, complete with squash courts, pool, and aerobic room. On-site retailers offer additional services from tailoring and dry-cleaning to a travel agency, barbershop, money exchange, 9-screen movie theater, Stamford Town Center Mall, camera and 1-hour photo shop, optical & lens store, printing shop, fax services, and insurance agency.

Reckson recently announced its extensive repositioning of Six Landmark Square, the 171,899-square-foot, nine-story office property, located within the Landmark Square office comple, is nearly completed and has generated strong activity within the Stamford CBD. The Six Landmark Square repositioning project is part of a multi-tiered repositioning, begun in late 1997 when Reckson Associates acquired the complex.

In addition, Media Services Group signed a lease for 3,249 square feet at 1055 Washington Boulevard, an 181,000-square-foot office building in Stamford.

Reckson Associates Realty Corp. is a self-administered and self-managed real estate investment trust (REIT) specializing in the acquisition, leasing, financing, management and development of Class A office properties.

Reckson's core growth strategy is focused on the markets surrounding and including New York City. The Company is one of the largest publicly traded owners, managers and developers of Class A office properties in the New York Tri-State area, with 90 properties comprised of approximately 17.7 million square feet either owned or controlled, or under contract. For additional information on Reckson Associates Realty Corp., please visit the Company's web site at www.reckson.com.

Certain matters discussed herein, including guidance concerning the Company's future performance, are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Although the Company believes the expectations reflected in such forward-looking statements are based on reasonable assumptions, forward-looking statements are not guarantees of results and no assurance can be given that the expected results will be delivered. Such forward-looking statements are subject to certain risks, trends and uncertainties that could cause actual results to differ materially from those expected. Among those risks, trends and uncertainties are the general economic climate, including the conditions affecting industries in which our principal tenants compete; financial condition of our tenants; changes in the supply of and demand for office properties in the New York Tri-State area; changes in interest rate levels; changes in the Company's credit ratings; changes in the Company's cost of and access to capital; downturns in rental rate levels in our markets and our ability to lease or re-lease space in a timely manner at current or anticipated rental rate levels; the availability of financing to us or our tenants; changes in operating costs, including utility, real estate taxes, security and insurance costs; repayment of debt owed to the Company by third parties (including FrontLine Capital Group); risks associated with joint ventures; liability for uninsured losses or environmental matters; and other risks associated with the development and acquisition of properties, including risks that development may not be completed on schedule, that the tenants will not take occupancy or pay rent, or that development or operating costs may be greater than anticipated. For further information on factors that could impact Reckson, reference is made to Reckson's filings with the Securities and Exchange Commission. Reckson undertakes no responsibility to update or supplement information contained in this press release.

SOURCE:
Reckson Associates Realty Corp.
Four Landmark Square
Stamford, CT 06901
(203) 363-2500 (Phone)
(203) 328-7977 (Facsimile)
Contact: Salvatore Campofranco,
Chief Operating Officer
John Barnes, SVP,
Co-Director, Westchester/Connecticut